By Arasu Kannagi Basil
Jan 14 (Reuters) - Agibank has filed for an initial public offering in the U.S., a regulatory filing showed on Wednesday, making it the second Brazilian fintech to move closer to a New
York listing in two weeks.
The Sao Paulo-based digital bank had planned to go public in Brazil in 2018, but opted instead to pursue a U.S. listing.
Agibank's move comes a week after another Brazilian digital bank, PicPay, also filed paperwork to go public in New York.
"Brazilian IPO activity stopped altogether in 2022, but prior to that the country brought several notable deals to the U.S. market on an annual basis," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"The four-year drought in Brazilian IPOs has built up the pipeline of companies ready to go public. It speaks volumes that they're finally choosing to move forward now."
The offering also comes after a strong 2025 for fintech IPOs against the backdrop of renewed investor appetite for growth stocks.
Agibank reported a net income of 831.7 million reais ($154.6 million) on revenue of 7.74 billion reais for the nine months ended September 30, compared with net income of 597.2 million reais on revenue of 5.15 billion reais a year earlier.
The company traces its roots to 1999, when Marciano Testa — then a college student — founded Agiplan, focused on underserved segments.
In 2024, Brazilian private equity fund Lumina Capital Management invested 400 million reais in Agibank at a 9.3 billion reais valuation.
Goldman Sachs, Morgan Stanley, and Citigroup are the global coordinators for the listing. Agibank will list on the New York Stock Exchange under the symbol "AGBK."
Agibank said it may use a part of the IPO proceeds to buy businesses, products or services.
($1 = 5.3784 reais)
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Sahal Muhammed)
